Ways for Banks and Financial Institutions to Improve Environmental Friendliness

In the last decade, practically every industry has tried to find ways to go green by keeping up their output while also being eco-friendly. From oil tankers to coffee roasters, there isn’t one sector that isn’t trying to implement some form of green operations. This includes the financial and banking sector, which is looking for more energy-efficient ways to reduce their impact on the environment while reaching a larger customer base.

There are some basic and upfront ways that banks, like any other business, can go about going green, but there are some more elaborate ways that can reach more than just switching off the lights when people aren’t in a room. Here are some ways in which banks can improve environmental friendliness.

Initial Green Tips

Whether it’s a banks corporate offices or its various branches around the country, going green can be done even in the smallest ways. Start by replacing light bulbs with eco-friendly variants, like LED lights. Next, implore employees to carpool or take public transit and incentivize them with perks like gas cards or pay them back per mile of public transit.

Banks can also recycle paper products or push for digital-only options to help customers and clients.

While these are effective options to lay a foundation for going green, they can be a little basic. Financial institutions can take it another step further with more in-depth and effective options to go green.

A Digital World and Beyond

Banks have always relied on paper documents to get work done. While this is understandable, given the complexity of some situations, like loans, a digital-only solution is one way to cut down on paper use. Since banks have used technology to boost banking operations, such as online features and paperless statements, they can go a step further and implement a digital-only operation, making paper only available through a specified preference from the customer.

Any tech tool that can be replaced with a digital option can help speed up whatever process it is replacing while also speeding up the transaction process and reducing energy use. A green bank can also support environmentally friendly causes, like the World Wildlife Fund or The Nature Conservancy.

An eco-friendly approach will help a bank save money and win favor with customers who are looking to bank with an institution that takes responsibility and accountability in helping the environment, like TD Ameritrade, which began using more solar and wind-powered fuel to power its branches around the U.S. in 2010.

A green bank is also beneficial in gaining customers. Offering online banking and digital-only options will attract customers who are looking for effective and simple solutions to their everyday lives. Having on-the-go banking and mobile chat options can help reduce the time they spend dealing with their banking issues and serve them the way they want to be served: personally and uniquely.

In other cases, banks can insist on taking on bankers environmental risk insurance, a piece of coverage that protects financial institutions from things like pollution and environmental spills. This kind of coverage, offered through Financial Guaranty Insurance Brokers (FGIB), allows banks to find the right Environmental Liability policy that fits their needs. Being green goes beyond lights and paperless documents, as noted above. Taking the extra step to really dig into pollution issues while protecting yourself against environmental risks is a solid way of looking out for the future of your bank and the world around you.

About Financial Guaranty Insurance Brokers

Since 1983, Financial Guaranty Insurance Brokers has distinguished itself as a provider of Professional Liability, Cyber Liability, and Crime insurance products for entities of all types. To receive timely, personalized service from a knowledgeable and experienced staff, call us today at (626) 793-3330 to speak with one of our professionals.